Question: According to the Colorado Oil & Gas Commission website, a well has produced and sold just short of 500,000 units in the past 5 months. My question is...what is the 500,000 units? Is it cubic feet, 1,000 cubic feet, or 1,000,000 cubic feet? I can't find any footnotes as to what the unit represents.
If the website reported 1,000 units for the month of June as sold, and the wellhead price was $3.50, would the value sold be $350,000, $35,000 or $3,500?